OSI Systems to Buy American Science & Engineering
21 Giugno 2016 - 4:50PM
Dow Jones News
OSI Systems Inc. said Tuesday it would acquire American Science
& Engineering Inc. for $269 million in cash, as it moves to
advance its technology and expand its customer base.
American Science & Engineering designs and supplies X-ray
technology that inspects cargo, packages and people.
OSI, which is a technology provider to homeland security and
other markets, said it would pay $37 a share to buy American
Science & Engineering, financed with a mixture of cash and
credit. That is a premium of 14% to Monday's closing price.
OSI Chief Executive Deepak Chopra said the company's largest
acquisition to date fits well into its expansion strategy, with
American Science & Engineering's backscatter X-ray technology,
products and network complementing its existing operations.
OSI said the companies expect to save $18 million before taxes
in the first two years after the deal closes, which is expected
during OSI's fiscal second quarter ending Dec. 31.
American Science & Engineering shares rose 14% in early
trading Tuesday to $36.83. Still, the stock is down 18% in the past
12 months.
OSI stock rose 5.7% to $55.69, and has fallen 24% in the past 12
months.
Write to Brittney Laryea at brittney.laryea@wsj.com
(END) Dow Jones Newswires
June 21, 2016 10:35 ET (14:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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